Turkey’s hidden billions

Turkey hopes official recognition of its $15 billion shadow economy ­ thriving on exports to goods-starved Russia ­ may help boost its low credit ratings. But ratings agencies say that doesn't solve the fiscal imbalance. By Metin Munir

Search for a suitcase solution

Looking through the glass office of his store in the Salipazari docklands of Istanbul, Kaya Duman watches two Russian traders talking to one of his shop assistants. They are standing among a bewildering array of cheap goods ­ sanitary ware, leather jackets, bricks, torches, blankets, glass tableware and biscuits ­ haggling over the price of plastic toilet seats.

“If Allah recreated the world and asked me to pick any square metre I wanted, I would still chose Turkey,” Duman says.

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